11月28日，中共天津市委关于制定天津市国民经济和社会发展第十五个五年规划的建议发布，其中提 出，大力发展先进制造业。坚持高端化、智能化、绿色化方向，深入推进新型工业化，加快传统产业提 质升级和数智化转型，发展智能制造、绿色制造、智能网联，增强石化、汽车、装备制造、冶金等产业 竞争力。 ...

本文字数：1432，阅读时长大约2.5分钟 作者 | 第一财经 林靖 2025.11. 28 今年11月1日，泰州队获得首届江苏省城市足球联赛冠军后，江苏泰州持续放大"苏超首冠"的IP效应，加码转化流量。 来自苏中地区的扬州和泰州去年GDP均处于7千亿梯队，台州、惠州和漳州处于6千亿梯队。 从区域分布来看，14个GDP超过5000亿的带"州"城市中，有13个来自东部沿海省份，只有郑州来自中西部地区。 泰州市文广旅局11月23日宣布：即日起至2026年"江苏省城市足球联赛"开赛前，全国城市名带 "州"的设区市市民凭身 份证在当地11家收费景区免首道门票，另有30家景区免费入园。在发布优惠消息的同时，"泰州文旅"附上了全国17个省 份43个带"州"的设区市名单。 43个带"州"的设区市中，江苏和浙江最多，各有5个，安徽、广东、广西各有4个，福建、湖北各有3个。这7个省份合计 共有28个带州的城市，占比达65%。 根据第一财经记者统计，43个名字带"州"设区市的GDP达到了25.8万亿元，占全国比重的19.1%。这其中，目前共有14 个带州设区市GDP超过5000亿元，其中，7个带州设区市的GDP过万亿，分别是广州 ...

Group 1 - During the "14th Five-Year Plan" period, Changsha's GDP is expected to grow at an average annual rate of 5.4%, with major indicators such as industrial added value ranking among the top in national provincial capital cities [1] - Changsha has developed a modern industrial system characterized by the "4433" model, nurturing seven trillion-yuan industrial clusters and three national-level advanced manufacturing clusters [1][2] - The city has become the second globally to host more than five of the world's top 50 construction machinery companies and is the only city in China capable of fully designing core chips independently [1] Group 2 - The scale of industrial added value in Changsha is projected to grow by approximately 8% annually, reaching 9.6% in 2024, marking a ten-year high [2] - Changsha's total digital economy has surpassed 500 billion yuan, with the service sector's added value exceeding 900 billion yuan, contributing 51.7% to economic growth [1] - The number of high-tech enterprises in Changsha has doubled, and the total talent pool has exceeded 3.15 million, placing the city among the top ten in talent ecosystem index nationwide [2] Group 3 - Changsha is actively exploring the integration of culture with technology and tourism, with significant cultural industry output exceeding 200 billion yuan, ranking among the top cities in the country [3] - The city has established a cultural and technological integration development pattern, with several bases recognized as national demonstration bases for cultural and technological integration [3]

（文章来源：证券日报） 证券日报网讯 TCL科技11月27日在互动平台回答投资者提问时表示，公司聚焦以半导体显示、新能源 光伏和半导体材料为核心的先进制造业，致力于实现全球领先的战略目标。2025年前三季度，公司实现 营业收入1，359亿元，同比增长10.5%；归属于上市公司股东净利润30.5亿元，同比增长99.8%；实现经 营现金流338.4亿元，同比增长53.8%。公司将持续做好业务经营，增强核心竞争力，以业绩增长带动价 值成长为目标，努力为中小股东带来长期且稳定的价值回报。 ...

Core Viewpoint - The modernization of the industrial system is the material and technical foundation for Chinese-style modernization, emphasizing the importance of the real economy and the modernization of the industrial system as a strategic task for building a modern socialist country [1][2][3]. Group 1: Understanding Industrial System Modernization - The establishment and development of any social economic system require a corresponding material foundation, with a modern industrial system being crucial for modernization [2]. - Successful modernization in various countries has been linked to the process of industrial system modernization, while failure to establish such systems has led to insufficient and unsustainable modernization [2]. - China's modernization has been closely tied to the development and evolution of its industrial system, highlighting the need for a complete, advanced, and secure modern industrial system [2][4]. Group 2: Key Components of Modern Industrial System - Xi Jinping's economic thought emphasizes the construction of an industrial system that integrates the real economy, technological innovation, modern finance, and human resources [3]. - The modern industrial system should focus on intelligent, green, and integrated development, with advanced manufacturing as its backbone [3][4]. - The construction of a modern industrial system is a complex, long-term project that requires a strong focus on the real economy and the optimization of traditional industries alongside the cultivation of emerging industries [4][11]. Group 3: Development Directions - The three key directions for industrial modernization are intelligentization, green transformation, and integration, which are interdependent and collectively drive systemic leaps in industrial development [5][7][8]. - Intelligentization involves deep restructuring of the entire production chain using data and AI technologies, aiming to create a smart industrial ecosystem [6]. - Green transformation focuses on embedding low-carbon and circular economy principles throughout the industrial process, emphasizing the importance of green technology innovation and lifecycle management [7]. Group 4: Innovation and Upgrading - The optimization and upgrading of traditional industries are essential for maintaining a balanced manufacturing sector and ensuring the integrity of the industrial system [11]. - New technologies, particularly digital and green technologies, are reshaping traditional production models and development paths, necessitating a shift towards smart, green, and service-oriented manufacturing [11][12]. - The cultivation of emerging and future industries is crucial, with a focus on sectors like renewable energy, aerospace, and advanced materials, leveraging China's unique conditions for rapid technology application [12]. Group 5: Service Industry Development - The service industry is a vital component of the modern industrial system, with its share of GDP expected to increase as industrialization progresses [13]. - Enhancing the quality and efficiency of the service sector can drive industrial transformation, create jobs, and meet the evolving needs of society [13]. Group 6: Infrastructure and Support - A modernized infrastructure system is foundational for the efficient operation of the industrial system, influencing resource allocation and economic efficiency [14]. - China has made significant strides in infrastructure development, but challenges remain in terms of balance and integration [14][15]. - Future infrastructure improvements should focus on enhancing connectivity, adaptability, and advanced technology integration to support industrial modernization [15].

【导读】安联投资：亚洲市场（尤其是中国股市）是关键的多元化配置选择 11月17日，安联投资在香港举行2026年市场展望媒体会。安联投资固定收益首席投资总监曾铮预计，美 联储将进一步降息，到2026年年中，美国终端利率将在3.5%左右。安联投资亚太区股票首席投资总监 薛永辉表示，当前多数投资者过度重仓美股，亚洲市场（尤其是中国股市）是关键的多元化配置选择。 安联投资是全球最大的资产管理公司之一，截至6月30日，安联投资全球管理资产达5620亿欧元，约合 4.63万亿元人民币。 美联储将进一步降息 曾铮表示："近期美国的政策信号，包括有选择性地取消部分关税，表明在不久的将来我们可能会看到 相对稳定的通胀数据。但就业数据可能走弱。" 曾铮称，从概率角度来看，美联储选择降息的可能性大于"按兵不动"。但降息的具体时间是在2025年12 月还是2026年1月，仍难确定。安联投资的内部观点是，到2026年年中，美国终端利率将在3.5%左右， 高于当前市场共识。 曾铮认为，固定收益仍然是资本保值的核心工具，尤其是在宏观波动加剧和政策分化的情况下。投资者 应通过审慎的久期管理，专注于保持投资组合的韧性。 她指出，投资回报驱动因 ...

2025年前三季度，长三角三省一市地区生产总值合计达25.18万亿元，占全国GDP总量的24.81%，持续稳居全国经济"压舱石"和"增长极"地位。 今年前三季度，长三角地区经济运行稳中有进、韧性凸显，41座城市形成清晰梯度格局，发展动能持续充沛，在全国经济版图中的核心作用进一步凸 显。在"十四五"收官的关键期，以上海为龙头，苏浙皖各扬所长、协同发力，长三角正持续释放高质量发展动能。 经济总量"你追我赶" 今年前三季度，沪苏浙皖GDP总量达25.18万亿元，约占全国GDP的24.81%，延续了近年来稳步增长的良好态势。长三角内部发展均衡，省际协同与城 市竞合态势良好。江苏以102811亿元的GDP总量领跑长三角，浙江（68495亿元）、上海（40721.17亿元）、安徽（39770亿元）紧随其后，形成梯度发展、 相互支撑的格局；增速方面，浙江以5.7%位居三省一市首位，上海、江苏、安徽均为5.4%，全部高于全国平均水平。 41座城市中，31座经济增速跑赢全国5.2%的平均水平，14座城市增速突破6%，7座城市生产总值超过1万亿元，区域发展的均衡性与活力性同步提升。 经济总量的梯队格局尤为清晰。第一梯队的9座万亿 ...

Core Viewpoint - Allianz Investment emphasizes that the Asian market, particularly the Chinese stock market, is a key diversification choice for investors who are currently overexposed to the US stock market [10][11]. Group 1: Market Outlook - Allianz Investment's Chief Investment Officer for Fixed Income, Zeng Zheng, predicts that the Federal Reserve will further cut interest rates, with the terminal rate expected to be around 3.5% by mid-2026 [5][7]. - Zeng notes that recent US policy signals suggest a potential stabilization in inflation data, although employment data may weaken [6][7]. - The investment return drivers are shifting, with 2025 returns driven by credit spread narrowing, while 2026 returns are likely to be primarily driven by spreads [8]. Group 2: Investment Opportunities in Asia - Zeng highlights that many investors are overly concentrated in US stocks, particularly in large tech sectors, and there is a trend of Asian investors reallocating funds back to Asian assets [11]. - Four key themes driving investment opportunities in Asian stocks include: 1. Innovation in technology manufacturing, especially in semiconductors, AI, and biotechnology [12]. 2. Corporate reforms in China, Korea, Japan, and Singapore aimed at enhancing shareholder value [12]. 3. Supply chain diversification benefiting markets like India due to reduced geopolitical concentration [12]. 4. Emerging consumer trends driven by domestic consumption and digital infrastructure, particularly in China and India [12]. Group 3: China's Economic Strategy - Allianz Investment's Senior Economist, Tang Jicheng, identifies two main focuses of China's economic strategy: continued investment in advanced manufacturing and boosting domestic consumption [14]. - The "14th Five-Year Plan" suggests five strategic areas to watch: 1. Building a modern industrial system with a focus on advanced manufacturing and green transformation [15]. 2. Achieving substantial technological breakthroughs to enhance innovation capabilities [15]. 3. Establishing a strong domestic market to promote free flow of production factors [15]. 4. Promoting human-centered urbanization for balanced regional development [15]. 5. Strengthening international cooperation to enhance bilateral investments [15]. Group 4: Asset Allocation and Gold - Allianz Investment's Head of Multi-Asset Growth, Hartwig Kos, notes that risk assets remain attractive, with a shift towards more diversified global allocations beyond the US stock market [19]. - Gold has reestablished its status as a strategic asset, increasingly driven by geopolitical uncertainties and de-dollarization, making it a crucial component of a diversified investment portfolio [20]. - Hartwig Kos anticipates that the trend of investing in gold will continue until 2026, supported by retail investment flows and geopolitical tensions [20]. Group 5: Sustainable Investment Trends - Allianz Investment's Head of Sustainable and Impact Investing, Matt Christensen, indicates that sustainable investment regulation is entering a new phase, with a shift from mere disclosure to clearer product classifications in the EU [21]. - Impact investing is maturing, with growing recognition of achieving market-level returns, particularly in private markets [21]. - Allianz has developed proprietary tools to integrate ESG and impact risk analysis into portfolio construction, enabling scenario testing and risk mitigation strategies across asset classes [22].

来源：广发证券研究 港股流动性更多受全球宏观环境（美联储政策、地缘政治、南向资金）及中国内地经济基本面主导，楼市上涨并非主要影响因素。当前香港楼市出现回 暖，背后实际上是资金环境改善与经济预期转强所驱动，所产生的财富效应与风险偏好回升将进一步提振资本市场情绪，从而形成股楼共振的格局。因 此，楼市企稳不仅不会对港股形成资金分流，反而可能通过赚钱效应，推动股楼两类资产进入正向循环。 摘 要 中国大陆和香港的"租金回报-资金成本"分化。大陆一线城市：租金回报率（低于2%）<房贷利率（3.1%）；香港：租金回报率（3.6%）>房贷利率 （3.22%），香港房价在近几个月出现企稳回升，部分投资者开始担心香港楼市持续回暖，可能对港股的资金面出现持续抽水现象。 历次海外地产衰退后的复苏，海外楼市与股市没有呈现资产配置的替代关系，例如日本90年代资产价格破灭后失去的二十年；韩国97年亚洲金融危机；美 国70年代末-80年代初高通胀导致经济衰退、08年次贷危机；英国1990~1992年经济衰退；西班牙08年次贷危机、12年银行业危机，楼市的回暖通常标志着 宏观风险的消退、流动性的宽裕与增长预期的改善，反而可能会通过提振金融资产 ...

Core Viewpoint - The development of the manufacturing industry is crucial for strengthening the real economy and achieving high-quality growth, which is essential for China's modernization and global competitiveness [1][4]. Group 1: Importance of Manufacturing - Manufacturing is the foundation of the real economy and is emphasized by leadership as a key area for development [1]. - High-quality development in manufacturing is vital for improving the quality of life for urban and rural residents and promoting common prosperity [2]. Group 2: Current State of Manufacturing - China's manufacturing sector has a solid foundation, being the only country with all industrial categories recognized by the United Nations and maintaining its position as the world's largest manufacturing nation for 15 consecutive years [3]. - The super-large market advantage is increasingly evident, with a growing middle-income group and rising income levels providing a vast domestic market for manufacturing products [3]. - Innovation capabilities are continuously enhancing, with increased R&D investment and a robust network of innovation centers supporting manufacturing upgrades [3]. Group 3: Strategic Directions for Development - Strengthening technological innovation is essential to transition from following to leading in key core technologies, with a focus on collaborative innovation among enterprises, academia, and research [4]. - Accelerating digital, intelligent, and green transformations is necessary to cultivate new development momentum in the manufacturing sector [4]. - Fostering emerging and future industries, such as artificial intelligence and biotechnology, is critical for maintaining international competitiveness [4]. Group 4: Regional and International Cooperation - Optimizing industrial layout and promoting coordinated regional development can enhance the synergy of industrial chains across different areas [5]. - High-level openness and deepening international industrial and technological cooperation are important for attracting global resources and achieving mutual benefits [6]. - Promoting entrepreneurial and craftsmanship spirit is essential for creating a favorable environment for high-quality manufacturing development [6].